Here is a reenactment of how UBS CEO Oswald Gruebel reacted when he learned about the $2 billion fraud. (That is Colin Firth portraying Gruebel on the left.) http://www.youtube.com/watch%3Fv%3DxJvGE7Vvd4M
Risk management is neither the cause nor the solution to UBS’s problems
A headline today on CBC.ca reads “UBS case latest failure of risk management”. I think I will spend the rest of the day being offended by the CBC. (All will be forgiven if Amanda Lang appears on the National tonight.)…
Can ERM be used to fight fraud?
The author of this article in Business World, Roderick M. Vega, describes fraud risk management as a sub-branch of enterprise risk management and lists the three major categories of fraud as fraudulent statements, asset misappropriation, and corruption. Like an ERM…
My favourite fraud ever
My favourite financial fraud of all time has to the work of John M. Rusnak at Allfirst Bank, a sub of Allied Irish Bank, perpetrated in 2001. Following the events which cost this Irish bank tens of millions of losses,…